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oversight and many times been very critical of a lot of things he was doing for the treasury department was doing the secretary take was doing. he was my main porthole into treasury. we had a number of conflicts as you can imagine. our jobs are not necessarily going to create a long-lasting friendship. my job was to criticize him and make recommendations where he and the program had gone off the rail, which by 2010 is pretty often. we decided to have a meeting offline to clear the air, have a cup during and defuse what was a building tension between the two of us. our weekly meetings had devolved into shouting matches often. at this meeting, i got a real taste of how washington and what allison told me during this meeting was the sort of petty chitchat will talk about our families. i told him at first i was about to be born. she was about three weeks away at that point. he talked to me about his commute to washington back and forth from connecticut and his grown children and eventually turned the conversation and pointed out that i was down, my job as special inspector general is by its
. ♪ >>> president obama getting ready to name his choice for treasury secretary. we will hit it live in about 15 minutes. and see why some are so concerned about the choice and it has nothing to do with his squigly signature, sue. >> indeed, it does not, ty. it has been a tough day for shareholders right now down at $60.50. after holiday sales came in at the low end of expectations. it was $992 plilon worldwide. u.s. same store sales were the weakest dropping 2% p european sales were flat. asia was a bright spot with comparable sales increasing 7%. tiffany now saying its annual earnings will come in at the low end of its previous guidance and the street is punishing it for that today, ty. >> thank pup teen retailers, reporting holiday sales figures and here is how they are tried trading right now. here is a look . courtney reagan is on the retail beat. court? >> as with teens, the stocks can be a little fickle. three releasing holiday results today. each tell a different story. the teen retailer lowering its quarterly guidance. competitor american eagle reports sales improving by 5%, including o
the markets from foreign capitol and from jack lew as treasury nominee. u.s. economics editor for "the economist," and senior economics reporter steve leaseman. steve, first to you. what are the markets saying? what is jack lew's reputation in wall street and what do you see coming forward with debt negotiations? >> i think this appointment is being taken advisedly in the sense that it's a kind of wait and see. you know, from my perspective, having covered more or less -- more or less degrees, seven of the past treasury secretaries, jack lew does come to the table with a bio that perhaps has less independence in it than any treasury secretary i can remember. robert rubin, hailing from goldman sachs, salary summers was a renowned economist. paul o'neil from alcoa. there's nothing on lew's resume that suggests any measure of independence. markets want a little bit of independence from their treasury secretary. that said, if jack lew's appointment can, in fact, result in some kind of longer term budget deal affixed to entitlements, tax reform, corporate and individual that i think markets
treasury secretary. big job. he want jack lew to replace timothy geithner. lew has been a budget director for president obama and former president clinton. he also has experience with banks. the former chief operating officer for city groi group. he has a wife and two children. ali, good to see you, my friend. lew is considered a budget whiz as we were discussing yesterday. >> yeah. >> a seclude negotiator if you like. quality that will come in handy when he takes on the negotiations with congress on the debt, reining in spending. tell us what you know about his negotiating style. >> i'll tell you, the one problem is that the white house in general has not been seen as the most successful group of negotiator. being the chief of staff to president obama might be seen as a bit partisan for the job. let me tell you, four years ago, michael, the world was in a financial crisis, it all circulated around banks and credit and central banks. timothy geithner was the guy for the job. head of the federal reserve. he was in the room when they decided to let lehman brothers fail. he knew what was goi
daily run-down." >> president obama makes his pick for the top spot at treasury. is jack lew ready for a full-blown fight over the debt ceiling in his first month on the job? pocket change. you heard about this idea. the trillion dollar coin to handle the debt ceiling. well, today we will tell you where it all started and whether or not it is really something president obama might use. they won't rule it out important some reason. and back to the future. the gun debate of 1994 had many lessons for the fight unfolding today. what can president obama learn from president clinton's success? good morning from washington. thursday, january 10, 2013. this is "the daily run-down." i'm chuck todd. let's get to my first read of the morning. this afternoon president obama will formally name his chief of staff, jack lew, to replace treasury secretary tim geithner. a sign the white house expects a big fight over the federal budget lew is the safe pick. he has been confirmed twice by the senate before. just in this administration. if confirmed in time, he can face his first test next month over
chief of staff jack lew to head the treasury department. he praised outgoing secretary tim geithner. if confirmed, he would take over the treasury department's before the white house and congress debates the debt ceiling. this is 15 minutes. >> ladies and gentlemen, the president of the united states accompanied by some of tim geithner and sap jack lew. >> men, everybody, please have a seat. a little more than four years ago, i stood with mr. tim geithner and denounced him as my first to my cabinet. we were barely two months into the financial crisis, the stock market have quivered, the housing market had cratered as well, a bank after bank was on the verge of collapse, and worst of all, more than 800,000 americans would lose their jobs in just a bad month. and the bottom was not yet in sight. i cannot blame tim when he told me he was not the right guy for the job. [laughter] extensivet tim's experience with economic policy made him qualified and i knew he could hit the ground running. as chairman of the new york federal reserve, he had just spent several sleepless and chaotic weeks
am lori rothman. president obama bought t but tos picks for treasury secretary. plus, what the nominations mean for the market. melissa: and good news for the gas market. lori: if you build it, the jobs will come. creating jobs in the small town, we're pleased to have the mayor join us with his story in minutes. melissa: very cool. lori: time for a market check. let's head down to the floor the new york stock exchange, giving back earlier gains. nicole: that is true. we have been pushed around a little bit, even moved into negative territory but the move to the upside and getting some of the moves to the upside with the gains we are seeing, dow jones industrials up 34 points, the bank stocks are looking little better and that is one of the reasons we have had the turnaround. drug stocks doing good. the dollar continues to drop. as the dollar is dropping that gives room for the commodities and equities to move higher. i wanted to take a look at a name that is making news and that is molly corporation. rare earth is something that has the demand they have seen is dwindling pa
a budget every year. lori: speaking of cash, treasury, budget him a new is jack lu? a man who is likely to be dominated the next treasury secretary. melissa: it is no secret that congress -- even the cardassians. lori: cannot wait to hear the results of that. let's check on the market. it has been 15 minutes since we last checked with nicole petallides. nicole: there are nice gains. we have come off of our earlier highs. still, the dow jones industrials up about 55 points here on wall street. the u.s. dollar also with an up arrow. commodities are pulling back. let's take a look at herbalife. a name that has certainly been in the news since the middle of december. we sell the stock shooting up. this is an 8.2% stake. what you see is that pushing the stock to really jumping. we will continue to follow this and all of this comes on the heel of concerns about herbalife. melissa: thank you so much. 1351 days, that is more than three years, just in case you are wondering. the law requires congress to pass a budget every year. should somebody be in jail? >> it is a strongly worded suggestion.
of the historic legislation that congress had passed authorizing treasury to go out and borrow $700 billion to rescue wall street, to bail out the banks and put us on the path supposedly to economic recovery. um, and this piece that i was not aware of was that when they passed this law, congress created this brand new agency. and when mike got off the phone, he explained what this agency was going to do. it was going to have two different functions. one was a mini-fbi for the t.a.r.p. that was going to be guns and badges and special agents executing search warrants, taking criminals out of their homes, putting them in handcuffs and putting them in jail. congress had realized that when pushing out so much money, it was inevitably going to draw criminal fly toss all that -- flies to all that government money. the second part was an oversight function. it was supposed to bring transparency by giving reports to congress and to the american people in what was going on in the bailout and to help guide treasury who was in charge of implementing this program to make sure the policy goals would be i
're learning the president will nominate jacob lew as his next treasury secretary. >> tom: and with its reputation already on the ropes, a.i.g., the big bailed-out insurer, decides against suing uncle sam. >> susie: that and more tonight on "n.b.r."! >> tom: there could soon be a new signature on the dollar bill, jacob "jack" lew is said to be the president's pick to replace treasury secretary timothy geithner. that nomination is expected tomorrow. should he be confirmed by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will p
for the al beeran company. the treasury is slashing the debt market up to 5 billion euros since 2013. lloyd's expects a positive results with the first take up. it will be the first issue to feature a collective action clause, designed to make it easier for the government to restructure debt in the case of future crisis. and president obama is expected to make the final touches to his second term economic team today. cnbc's john harwood has more on the changes coming to the u.s. treasury department. >> president obama has already filled out the members of his national security team for the second term. now he's filling out the economic term for a second term including his choice for treasury secretary. later today, we expect the president is going to appoint his current white house chief of staff jack lou as current treasury secretary. jack lew is a veteran of capitol hill and of more than one big major budget negotiations which is exactly what the president is facing right now. he's somebody with a low key demeanor who gets along well with others. his confirmation is expected to be not too
secretaries of the treasury. [applause] host: the president of the united states on timothy geithner and talking about his tenure as to -- secretary treasury. "the washington post" writes -- highlighting efforts made by the financial crisis and the housing industry. this comes as jack lew will become the next person to be nominated into that position. we want to talk to you about timothy geithner, his legacy, his time served as the treasury secretary, and your thoughts on what he has done or not done depending on your opinion. here is how you can join us this morning. you can give us a call -- if you want to send us a twet -- @cspanwj facebook.com/cspan this is how "the new york times"highlights some of his accomplishments. it says here -- that is "the new york times." prefers to 45, your thoughts on timothy geithner as the secretary treasury. -- for the first 45 minutes, your thoughts on timothy geithner as secretary treasury. more from "the new york times." they continue to write that housing is another area his leadership has been criticized. one more bit from "the new york times.
jack lou as treasury -- treasury secretary. critics are questioning his credent alls and promising a fight before lou's confirmation. craig bosswell reports from capitol hill. >> reporter: just days after appearing in the east room with a pair of nominees for cabinet post, president obama makes another announcement today, naming jack low as his next treasury secretary. >> i can not think of a better person to continue tim's work as treasury than jack lou. >> reporter: before becoming president obama's current chief of staff, lou is mr. obama's budget director, a job he held in the clinton white house. >> if converged -- confirmed, i look forward to joining the treasury department whose people are legendary for their skill and knowledge. >> reporter: some republicans are skeptical saying lou was less than honest about the president's budget and its affect on the nation's debt. >> he didn't show the kind of independence and credibility we would want in that important cabinet position. >> reporter: announcing low as a replacement for timothy geitner comes a day after hilda solice anno
the fox business network. let's talk about zach lew nom nae for treasury secretary. he needs to go back to the second grade to fix his penmanship. he is expected to be nominated as treasury secretary. let's take a look at his signature. 8 loops for each of letters of his name. that would be on dollar bills below the seal of the treasury on the right side. take a look at timothy geithner. he had to do to to print. it went from the first one to the second one. the second one much clearer. we have to see if mr. lew will have to do his as well. >> aig has been in the news a lot this week because of the shareholder lawsuit. >> congratulations aig is not suing not to join a shareholder lawsuit against the government and tax payer. which they receive add bailout. >> which they mapaid. >> the terms of the bailout were unfair to shareholders. even without aig's participation that will move forward. >> can the government just come in and grab a company and make itself own the company? that was another part of its lawsuit, too. >> tell us about this, facebook may be coming out with a phone of its
lew to replace timothy geithner as treasury secretary, we look at his time at the top of citigroup which bet on the housing market to collapse and his backing of the deregulation of wall street. what do you believe the deregulation of wall street pushed by people like alan greenspan contributed significantly to the disaster we saw on wall street several years ago? >> i don't personally know the extent to which deregulation drove it, but i don't believe deregulation was the proximate cause. >> we will speak with former financial regulator william black, author of "the best way to rob a bank is to own one." and matt taibbi with this new piece, the tax secrets and lies of the bella." >> par sabbai the treasury, it is all done by ex wall street people and current wall street people. ordinary people really do not have input into any of this. >> then, haiti. three years after the earthquake that killed over 300,000 people, we speak to jonathan katz, author of, "the big truck that went by: how the world came to save haiti and left behind a disaster." all of that and more coming up. this i
, dropping or 40 percent loss for days. implied volatility. tracy: down another 5 percent today. >> treasury yield broke right above. if you look at the 10-year. we have seen a little bit of backing today, but in general these are all bullish signs for the next blow weeks. as you move forward, you might see a little bit of pullback, but right now i think the market can still move fire. tracy: what signal, guys -- gary, let you take a shot at this one -- do we take from gold down $202 at one point earlier today, $30. we have to strengthen the dollar here because gold is denominated in dollars. weaker gold, you sometimes see a stronger dollar, but what message are you taking from that? >> yesterday we saw the mets come out. the first thing we saw right after that when they said were going to start easing on the quantities and at the end of 2013, we saw gold and silver pulling right on down. besides continue in the overnight session. now you're starting to get the feeling that they may not be done with this. we are seeing silver right back at that $30 range. a few cents off. gold is back up off
president obama's pick for treasury secretary. senator jeff sessions says nominee jack lew must never be secretary of the treasury and the senator has a lot more to say and he's here. much more ahead, on the record starts right now. >> the president dominated his current chief of staff jack lew to replace the outgoing treasury secretary tim geithner. >> i cannot think of a better person to continue tim's work at treasury than jack lew. >> jack lew is very partisan, he's very political. >> he already has some strong opposition especially from the top lawmaker on the senate budget committee jeff sessions. you can't have somebody-- >> i trust his judgment, value his friendship, i know very few people get greater integrity than the man to my left. >> jack lew and the president don't think that spending is the problem. wasteful government spending is the problem. >> prosecutors say arias had one last tryst with travis alexander, killed him in a ferocious gun and knife attack. it's not a case of whodunit. it's a case of kill or be killed. if i didn't kill him, i myself would be killed. >> i
% of returns with a ten year treasury yield. eventually, they have to go back into equities. use saw the numbers this week. even that suggests there is still a 12 year average life of cars and in u.s. flee. you can pull forward from that. i think it will be stronger than most people think. connell: if rates are going up because of that, it is a pretty good thing. jeff, good to see you. happy new year. >> merry new year. connell: the actor patrick dempsey, would you buy coffee from this guy? he thinks you will. he is placing a bid that against the coffee giant starbucks. we will talk about what is left in your paycheck for you. people expecting a hit. just how big of a hit will it be? jeff flock is on that story. take a look at the oil market today. it is down. ♪ connell: charles payne sitting there. he is coming up in just a few moments. first, something going on in india. this fight involves a patent dispute over cancer medication. the ruling could have worldwide implications. they provide millions of patients in developing countries with cheap medications. patrick dempsey, his co
don't look that up. how would it work? >> in theory the treasury would mint the coin and walk it over the federal reserve for deposit so the government could pay it bills. >> jon: really? really mr. tibbl snerks. [ laughter ] i don't want to bust your bibbles here, but you know you are only holding a quarter, snriet sure they could mint a trillion dollar coin and walk it over the treasury even though it could be the most tempting walk in history because we know the store across the street is chocolate, blowjobs and beyond. you definitely want to -- [ laughter ] you know, we don't need some trillion dollar coin gimmick. we need to take the u.s. dollar serious again. >> president obama will nominate his chief of staff at the white house jack lew toll bet next -- to be the next treasury secretary. >> it will be his signature at the bottom of our currency. it will look something like this. [ laughter ] >> jon: that injure signature? or jut -- that is your significant in signature or are you testing to see if the pen works? [ laughter ] hey, lew, shire -- here is a tip, stop signing your c
's staff chief jack liu is headed for the treasury. i think it's a bad appointment, wrong on every count. we'll have howard dean and steve forbes debate the issue. >>> and in cooperstown, new york, rampant steroid use has resulted in this, no one will be inducted into the baseball hall of fame this year, no bonds, no clemens, no one. we have the latest on this major league dis. >>> it's not a fiscal emergency, it's about the flu and it's not going to be the only city. >>> and finally, this trillion dollar platinum coin idea to solve the debt. not only stupid, it'll make the u.s. look like a banana republic. can we please avoid that, at least? the "kudlow report" begins right now. >>> another big day on the gun control front. a key statement from vice president biden on the issue. eamon javers joins us with the details. good evening, eamon. >> the white house suggests it could use an executive order to move gun control legislation reform forward here in washington, d.c. and also today, the vice president met at the white house with gun control advocates, some of whom shared their personal
split the country, the president's pick to be the new treasury secretary is sparking harsh reaction from some on capitol hill. correspondent shannon bream on the nomination of jack lew. >> i cannot think of a better person to continue tim's work at treasury than jack lew. >> reporter: president obama nominating a new man to head the treasury department but signaling plans to continue with the fiscal policy the administration relied on in the first term. white house says lew has a keen understanding of domestic and international issues that impact the u.s. economy and point to the track record. >> under president clinton he presided over three budget surpluses in a row. with the talk of deficit reduction, making sure the boog are balanced this is the guy who did it. three times. >> reporter: republican opponent, senator jeff sessions chief among them say jack lew is the wrong man for the job and without then house speaker newt gingrich refusing to allow more government spending the budget achievements would never have happened. sessions without qualification, accuses lew of lying to congr
you. >>> now to the ongoing cabinet shakeup at the president's pick to be the next treasury-secretary is, quote, all but a done deal. white house sources is telling current chief of staff jack lu to top the treasury. they are saying that the president's impressed by his knowledge of the federal budget and no-nonsense style. tim ignite her has said he will not stick around for a second term. the united states had s just about a month away from hitting the so-called debt ceiling the point where the government can't pay bills. the next treasury-secretary is key to make sure that doesn't happened but lew's intelligence on is raising red flags. during the last debt ceiling battle, lew clashed with the g.o.p. now he'll face some of those same lawmakers could be a very tough confirmation battle. what did the white house press second say about this. >> jack lew is the chief of staffed has served in a critical role for on this administration as director of the office of management and budget. a well known figure both here at the white house and throughout washington for the past four
of these signatures say the same thing. they both belong to treasury secretary tim geithner, who by virtue of being treasury secretary is also the guy who gets to sign our money. when mr. geithner became treasury secretary, he changed his signature. he changed it from the rather lovely loop de loops on the left to the fifth grader's cursive timothy f. geithner you see on the right. here he is explaining why. >> i think on the dollar bill i had to write something that people could read my name. i didn't try for elegance. i just tried for elegance. >> because mrs. quigley, the first grade writing teach worry have given me an "f" on that. >> i took third grade in new delhi, india. >> whether it is foreign penmanship instruction or something weirder, tim geithner's changed signature never got nearly the attention that his successor's signature received. all of the media got fixated on a signature that is loopier than tim geithner's original signature. this is jack lew. all signs point to president obama say i knowing him to replace tim geithner. and if he is nominated and confirmed, that will mean that
between the two sides. the idea is that the treasury company mint the coin, deposit it at the federal reserve so that the government can pay its bills, but noted economist jim grant thinks it's a bad idea. does have his own solutions to this looming crisis. jim grant joins us from grant interest rate observer. great to see you. happy new year. thanks for joining us once again. you don't think this trillion dollar coin is the answer. >> that is an urban legend. >> yeah. >> okay. what we need to do i think, first of all, is to speak clearly about this problem we this, this debt problem. for example, secretary of the treasury is not the secretary of the treasury. it is secretary of the debt. there are being no net treasurer in the treasury so we must be clear about that. we use the word trillion. $1 trillion is a million million. $1 trillion is an incomprehensible number we throw around and it numbs us, and we must speak of it in a weight. so $1 trillion is 22 million pounds of 100 bills. 16 trillion is 360 million pounds of $100 bills. that's just to set the table. >> unbelievable. >> a
, a technical market strategist. i want to start with dan at the cme. the ten year treasury is still below 2%, the yield on the ten year treasury. but that's pretty high. it's put the price of gold. it did not put the market. >> that is an excellent question. initially a rise in interest rates mean that people think the economy is doing better and money is coming out of bonds, probably going into stocks. initially this is good, but if we were to go for another 23 or 24 basis points, it eventually returned to be negative. right now it's a matter of confidence. things up pass this week. two big events that could have been bad, and a warrant. liz: okay. sometimes they don't last that long. >> well, right now, this is the type of thing that's good, but is it really as good as it appears to be? measured by the iwm, up five and three-quarters percent in four trading days. was this is really good enough? what actually came out of washington will subtract off of the gdp because we did have tax increases. realistically this is good, but it's not something that would cause us to keep going straight up
from around the world. the dollar treasury yields continue to prove surprisingly hawkish among concerns of some about the bank qe program. that may add more to today's strange jobs report which led to spectacular hiring growth. meanwhile, here in europe, composite pmi shows manufacturing in contraction territory. we'll look ahead to uk services pmi in under half an hour. this after the hsbc in china shows a slowdown the lowest since august 2011. >> warm welcome to you. 47.8, services pmi. it marked a five-month high. that mean the composite number has picked up slightly. the final composite number confirmed at 47.2, a little weaker than 47.3 flash, 46.5 in november. it is nevertheless the high since march. perhaps some tentative signs emerging that the eurozone economy may have passed the worst of its downturn, although recovery still looks months away. the december services business expectations up 52.5. it was 52.6 in the flash to slightly weaker on that particular point. let's get immediate reaction to what this may mean. christine is with us for the first hour of the program today.
stuart. dagen: i'm dagen mcdowell. connell: the president looking to make his choice for treasury secretary official today. dagen: also the talk of washington, the flu, lawmakers taking to twitter to urge the public to protect themselves from the spread of this terrible outbreak. connell: and the chamber of commerce president he wants some changes to dodd frank, some thoughts about economic growth. he's on with us live this hour to talk about it all. dagen: top of the hour, stocks now and every 15 minutes. nicole petallides at the new york stock exchange with what you got. nicole: i'm looking at a market that's virtually flat right now. s&p 500 up 1/10 of 1%. some names helping the dow along include intel and also jpmorgan and bank of america so shows you the financials are doing well. a lot of traders talk about ecb rate decision abroad. seeing the dollar down dramatically and that is helping commodities in particular move to the upside. also watching a lot of the retailers as we get in a lot of retail sales numbers. tiffany's for example is a name that's been on the move. that's
, president obama is poised to nominate as the next treasury secretary a man who brings his lunch to work every day, a cheese sandwich and apple to be precise, president obama will reportedly tap jack lew tomorrow to replace timothy geithner. lew would take over on the eve of another debt ceiling battle. in round one during the summer of 2011, boehner's top staffer called lew's debt ceiling negotiations disrespectful and dismissive. according to david plouffe, that is because jack knows the numbers and republicans couldn't pull a fast one. two names are being floated to replace lew, dennis mcdonagh, currently his deputy national security adviser and ron klain. but the latest cabinet nomination is, surprise, creating consternation among who else, congressional republicans. after calling chuck hagen an in-your-face nomination outside of the mainstream, the pugnacious gop has already made known its displeasure with jack lew, calling his nomination controversial, a mistake, and worst of all, irritating. according to senator mike johanns of nebraska, i just think there are economic policies in
weight-loss companies during a debate. and could his nomination as the next treasury. >> i considered resending my offer to appoint him. >> covering the roller-coaster handwriting and if it is the worst signature ever. also, should you spoil your kids or give them tough love? hear how millionaires are raising their youngsters according to a new survey. we are on the case next on "the willis report." ♪ ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses you know it even after all these years. but your erectile dysfunction - you know,that could be a question of blood flow. cialis
of a better person to work at the treasury. >> he is very political. >> he already has a lot of opposition, especially from jeff sessions. we can't have somebody who can't acknowledge and look the american people in the eye and tell them the truth about our financial condition. >> i just his judgment. i value his friendship. i know very few people who have greater integrity than the man to my left. >> they think that spending is not the problem. wastefulful government spending is the problem. >> prosecutors say arias had one last tryst with travis alexander, killed him in a gun and knife attack. >> it's not a case of who done tit's a case of kill or be killed. >> the charge of placing a victim of terrorism, when you shot him in the head and then slash him. >> death of nfl great junior seau, doctors revealing their findings. >> junior seau who committed suicide suffered from chronic brain damage. >> severe brain damage. he suffered damage to his very brain cells itch the latest on the disappearance of victoria masony. >> 400 people in flame, boats and helicopters scouring the waters off the
secretary of the treasury, jack lew, the man he made his chief of staff, a year ago yesterday. lew would succeed tim geithner, who drew fulsome praise from the president. >> when the history books are written tim geithner's going to go down as one of our finest secretaries of the treasury. our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. >> brown: at 57, lew is already a 30-year veteran of washington. he was a principal domestic policy advisor to house speaker tip o'neill in the 1980's, and negotiated with the reagan white house on social security and tax reform. later, he served two stints as the country's budget director, first under president clinton, then under president obama, before becoming white house chief of staff. today, in the east room of the white house, the nominee voiced his gratitude. >> thank you mr. president for your trust confidence and friendship. serving in your administration has allowed me to live out those values my parents
, people bought treasuries like crazy and our interest rates went down dramatically. >> that's right. i think that's a real concern though. i think, that you know, we only have a 60-day moratorium on the sequester, and that's not a lot of time, and the only thing we've really addressed is fixing the tax rates which helps investors with certainty around their own tax planning, but beyond that, we've got a lot to do on the budget and the deficit. >> brian, you sunday a little more cautious than these guys, are you? >> just a little bit. i think that the reason for caution is because we do have the march 1st deadline for the quester when that kicks in. there will be debate about that and the debt ceiling in march. there's going to be the continuing resolution that expires on march 27th. when i look at things like the debt ceiling or credit rating of the united states, that's a non-issue. you're right. that's the thing we should have learned back in august 2011. people don't pay attention to the credit rating agencies anymore, especially when it comes to sovereignty debt. >> if they cut eno
an hour the president will nominate jack lu for treasury secretary, a man who previously served as a budget director and currently as his chief of staff. cline writes, "can it really be the case that after four very difficult years there is nothing the white house would gain in its second term by bringing in outsiders with fresh experience, different relationships, and a new perspective." david corn, there has always been a lot of talk about the ins lears about the obama white house. >> yes. >> i mean, i do think we're kind of like at halftime here and the white males have run up the score so far in the first two quarters. there's still a few more quarters to play in termdz of putting his team together, and given the round of criticism or observations that's coming this we week. >> is -- are you surprised that the white house isn't pushing back more on this? i for one sort of am, but insofar as dave corn has a football analogy, maybe that is the case, that this is just -- is he leading off with the guys that he likes, and we're going to get to a more diverse cabinet later on in
that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it, but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors would get what they are owed. but what happens with social security, medicare and federal employee pay, is less clear. so secretary lew would have to make a decision. he could recommend the president continue business as usual-- ignoring the debt limit, borrowing money and paying the bills. as justification, lew could say the president had to choose between conflicting laws congress has passed requiring him to spend money and not spend it at the same time. >> at that point, i assume someone who would claim to be an injured party would bring suit and the federal government, if you can imagine this and t
. president obama officially nominating jack lew to head up the treasury department. shannon bream handles that for us. we will take an in-depth look at what has become an epidemic in this country. doctor robbie ludwig joins us on the psychology of what is a culture. what some call human graffiti. and secretary geithner not winning resounding support from republicans despite the fact that is budget director in the clinton administration, he presided over three straight balanced budgets. shannon bream has our report. reporter: >> i cannot think of a better person to continue then jack lew. reporter: president obama signaling plans to continue by nominating jack lew. he has handled a string of issues that has impacted the economy. >> he presided over three budget surpluses in a row. for all the talk out there about deficit reduction, making sure our books are balanced, he is a guy who did it three times. reporter: that senator jeff sessions says that jack lew is the wrong one for the job and that without newt gingrich refusing to allow more government spending, the budget achiement would nev
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